CFPB Report Finds Some Consumers Complaining About Complaints

WASHINGTON–The Consumer Financial Protection Bureau has issued a new report noting some consumers have expressed concern over its practice of forwarding complaints received from other federal financial regulatory agencies on to the companies being complained about. The CFPB said the practice is just one of its internal practices.

Complaints

In its report, the CFPB’s Ombudsman’s Office said referrals of complaints from other agencies follow the CFPB’s consumer complaint process, “which includes forwarding complaints to the company for a response. However, the information other agencies provide about consumer complaint referrals differs,” the ombudsman’s office wrote.

The ombudsman noted that, in reaching that conclusion, it had reviewed the law, information each agency provides about its consumer complaint process, as well as agency privacy policies.

The office said it would update the review in its FY2019 Annual Report.

Other Findings

The CFPB Ombudsman report also said:

  • In follow-up to consumer questions, it found that the CFPB provides more information about Bureau-administered redress than defendant-administered redress, such as whether the redress still is available. The Ombudsman says it provided recommendations to the CFPB to further assist consumers in obtaining redress information, including on consumerfinance.gov and the telephone contact center.
  • In the first six months of FY2019, the office received 581 individual inquiries from individuals, companies, consumer and trade groups, and others. The contacts came from people in 45 states, Washington, D.C., Guam, Puerto Rico, and from other countries, the office report stated.

The report can be found here: CFPB Ombudsman’s Office Mid-year Update, July 2019

 

 

 

Section: Standard
Word Count: 356
Copyright Holder: CUToday.info
Copyright Year: 2019
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